If you are an independent contractor with self employment income reported on a 1099-MISC or in cash rather than a W-2, you must enter the income and any related expenses on Schedule C. You will be subject to 15.3% self employment tax plus ordinary income tax on the net earnings.
If you use the online product and have expenses, you must use the Self Employed version to enter your 1099-MISC income and expenses on Schedule C. Your Schedule C will be filed along with your form 1040. If you have no expenses, you can use Deluxe or Premier but Self Employed will give you more guidance.
If you use the CD/download product, you can use any version but the Home & Business version will provide more guidance.
